Asian Markets End Lower as Japanese Industrial Production Falls
By Prasanth Aby Thomas | November 13, 2012 8:23 PM EST
Asian markets have ended the day in the red as global economic concerns increased with worries over US and eurozone issues, while Japanese indicators added fears of recession in the country.
Japan's Nikkei dropped 0.18 percent or 15.39 points to 8661.05 while South Korea's KOSPI was down 0.59 percent or 11.17 points to 1889.70.
China's Shanghai Composite index fell 1.51 percent or 31.38 points to 2047.89. Hong Kong's Hang Seng slipped 1.13 percent or 241.65 points to 21188.65.
Markets in India remain shut for the major part of the day due to a public holiday, holding only a short session in the afternoon.
Concerns on the US "fiscal cliff" continued even as reports said that the country's lawmakers are set to return to Washington with a seven-week deadline to solve the issue. President Barack Obama has called for meetings with businesses, labour and civic heads as well regarding the matter.
Eurozone worries increased after the region's finance ministers failed to take a final decision on the release of bailout funds to Greece. Although Athens has received an extension of two years to meet its budget targets, the country urgently requires aid to avoid running out of money.
Reports from Japan continued to remain bleak. An official report showed that the country's industrial production dropped 4.1 percent in September from the previous month. The data, which followed weak gross domestic product (GDP) figures, have increased concerns that the world's third largest economy is slipping into recession.
Investors in China remained cautious as the Communist government's current party congress is set to conclude, revealing the country's new leaders. Speculations are running high on the new regime's policies as China looks to push its economy forward.
Real estate contractor Shimizu Corporation and telecommunications firm Oki Electric were the major losers in Tokyo, down 5.44 and 5.33 percent.
In Hong Kong, property developer New World Development Company ended 3.60 percent lower, followed by oil producer China Petroleum and Chemical Corporation, which dropped 2.96 percent.
Property developer Huayuan and utility firm Datang Huayin Electric ended lowest in Shanghai, down 10.05 percent each.
To contact the editor, e-mail:
Most Popular Slideshows
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- Kendall Jenner Could Be Next Victoria's Secret Angel [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- Champions League Results: Barcelona Barely Escapes With A Win, Chelsea Fails To Hold On To The Lead [PHOTOS]
Join the Conversation
- Unidentified Benefactor Offers $30M Reward For Identity Of MH 17 Bombers; MAS Criticises Kiwi Author For Suggesting MH 370 Pilot Plotted Death Of Passengers & Crew
- Australian Stock Market Report – Afternoon September 18, 2014
- Australian Stock Market Report – Midday September 18, 2014
- Financial Intelligence Agency Suspends Sydney Remittance Firm Over Suspicions It Is Used To Finance Terrorism In Middle East
- Australian Stock Market Report – Midday September 19, 2014
- Google Nexus 6 Release Date on Q4 2014 Confirmed by T-Mobile Featuring Wi-Fi Calling
- 2 Reasons Nexus 6 Release Date is Worth the Wait: Android L Data Encryption & Material Design
- Samsung Galaxy Note 4 vs. BlackBerry Passport — Specifications, Features, Release Date And Price Showdown
- 3 Signs Apple iPhone 6 Could be in Short Supply Following its Sept 19 Release Date
- Australia Actively Rallying Support For International Coalition Against ISIS
- iOS 8 Jailbreak Release Update: Pangu Devs Will Outrace Evad3rs in Rollout of iPhone 6, iPad Unlocker
- Micromax Canvas A1 Vs Spice Dream Uno Vs Karbonn Sparkle V: A Choice On Which Android Is The Best